Overview of business in Brunei

A small nation on the island of Borneo, Brunei is an oil rich sultanate in the middle of Southeast Asia. With a small population of less than half a million people, Brunei is very dependent on its well-developed oil and gas industry, and aims at the diversification of its economy.

Official country name: Nation of Brunei, Abode of Peace (Negara Brunei Darussalam)

Capital: Bandar Seri Begawan

Total Area: 5,765 km²

Government: Unitary Islamic absolute monarchy

Currency: Brunei Dollar – BND

Fixed Exchange Rate: 1 Brunei Dollar = 1 Singapore Dollar

Drives on the: left

Calling Code: +673

Internet TLD: .bn

Demographics

Population: 417,200 (July 2015 Estimate)

Population Density: 72.11/km²

Official Languages: Malay, English (recognised)

HDI: 0.856 (very high)

Ethnic Groups: (2004)

66.3% Malays

11.2% Chinese

3.4% Indigenous Borneans

2.3% Indians

16.8% other

Taxes in Brunei

Aiming at helping local businesses and attracting foreign companies, the Bruneian government has implemented a very competitive tax system, which however sets the oil and gas industry aside.

Key economic data of Brunei

GDP (PPP): USD 33.376 Billion (2016 Estimate)

GDP per Capita (PPP): USD 80,000

GDP (Nominal): USD 13.002 Billion (2015 Estimate)

GDP per Capita (Nominal): USD 30,933

GDP Growth: -2.3% (2014)

GDP by sector: (2010)

agriculture: 0.7%

industry: 73.3%

services: 26%

Labor force: 188,800 (2008)

Labor force by occupation: (2003)

agriculture 4.5%

industry 63.1%

services 32.4%

Unemployment: 3.7% (2010)

Inflation: 1.2% (2010)

Main industries of Brunei

Though it aims at diversifying its economy, Brunei is heavily dependent on the oil and gas industry. The authorities have however launched an ambitious plan to diversify the economy and develop the capital, Bandar Seri Begawan.

petroleum

petroleum refining

liquefied natural gas

construction

Brunei digital

Very well connected, the penetration of digital and mobile technologies in Brunei is very high.

Numbers of Internet, social media and mobile users in Brunei in 2018

Brunei trade data

With relatively high trade volumes compared to its size, Brunei is very dependent on oil and gas exports and imports.